Overview
Securities and Commodities Futures

Mercuria Holdings Co.,Ltd.

Mercuria Holdings is a Japan-based alternative asset management holding company that operates fund management and proprietary investment businesses under the concept of 'cross-border' investing. The group manages funds across four core strategies: buyout investments, growth investments, real estate/cash flow investments, and value investments, targeting both domestic and international investors. As of the latest fiscal year, total AUM reached approximately JPY 344.5 billion, with real estate and cash flow strategies comprising the largest share.

Market Cap
¥15.5B
US$98.4M
EV
¥—B
Stock¥799▲+0.38%
US$1 = ¥157.05 (2026-10-22)
ROE
10.9%
* LTM NI / end-of-period equity
PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-27.2%pt
1001234
Oct 23, 25 – Oct 23, 26StockTOPIX
1Feb 13, 26Q3 FY2026 earnings announcement
2Mar 3, 26VARECS Partners Limited changed stake (10.05%→9.22%)
3Mar 11, 26SilverCape Investments Limited changed stake (10.05%→11.2%)
4Mar 16, 26VARECS Partners Limited changed stake (9.22%→0.0%)
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Performance & Balance
Revenue 5Y (¥B)
4.17US$26.6M'21/124.60US$29.3M'22/125.84US$37.2M'23/125.57US$35.4M'24/127.22US$45.9M'25/12
EBITDA 5Y (¥B)
1.81US$11.6M'21/122.12US$13.5M'22/121.41US$9.01M'23/121.06US$6.72M'24/122.59US$16.5M'25/12
Net Income 5Y (¥B)
1.30US$8.30M'21/121.56US$9.95M'22/121.06US$6.72M'23/120.51US$3.22M'24/121.69US$10.7M'25/12
Capital Structure
93%
EquityD/E 0.07xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
4.96US$31.6M0.87US$5.56M'21/123.32US$21.1M0.84US$5.37M'22/123.25US$20.7M'23/123.64US$23.2M0.05US$0.30M'24/125.53US$35.2M0.82US$5.25M'25/12
Shareholders
Top 10 hold 69.3%
1
Development Bank of Japan Inc.
21.17%
2
ITOCHU Corporation
12.23%
3
SILVERCAPE INVESTMENT LIMITED
10.86%
4
Japan Growth Support No. 1 Investment Limited Partnership
10.01%
5
Toshihiro TOYOSHIMA
3.15%
6
Sumitomo Mitsui Trust Bank, Limited
2.93%
7
Custody Bank of Japan, Ltd. (Trust Account)
2.50%
8
INTERACTIVE BROKERS LLC
2.44%
9
Union Bay LLC
2.14%
10
Hideya ISHINO
1.83%
Management
10 officers
Toshihiro TOYOSHIMA
Representative Director
Apr 1985 Joined Japan Development Bank (now Development Bank of Japan Inc.) Aug 2001 Joined World Bank Oct 2004 Joined Development Bank of Japan (now Development Bank of Japan Inc.) Oct 2005 Director, Mercuria Investment Co., Ltd. Oct 2008 Representative Director, Mercuria Investment Co., Ltd. (current) May 2009 Director, Beijing Hua-re real-estate Consultancy Co., Ltd. (current) Aug 2011 Director, MIBJ Consulting (Beijing) Co., Ltd. (current) Oct 2012 Director, Admiral Capital Co., Ltd. (current) Jan 2013 Director, Spring Asset Management Limited (current) Jan 2013 Director, Wownew (Beijing) Commerce Co., Ltd. (current) Jan 2014 Director, Allport Ltd. Dec 2014 Representative Member, Union Bay LLC (current) Jul 2021 Representative Director, the Company (current) Jul 2021 Representative Director, Mercuria Airborne Capital Co., Ltd. Sep 2021 Representative Director and Chairman, Mercuria Airborne Capital Co., Ltd. (current) Jul 2023 Director, Mercuria Advisory Co., Ltd. (current) Jul 2023 Director, Mercuria SG Pte. Ltd. (current) Sep 2023 Authorized Director, Mercuria (Thailand) Co., Ltd. (current) Jan 2025 Director, Cross-border Investment & Consulting Holding (current)
1962-09-20
Hideya ISHINO
Director
Apr 1986 Joined Salomon Brothers Asia Securities (now Citigroup Securities Co., Ltd.) Apr 2000 Joined Spiral Star Co., Ltd. Apr 2001 Representative Director and Vice President, Hello Network Asia Co., Ltd. Jun 2003 Director, Star Capital Partners Co., Ltd. Mar 2004 Vice President and Director, Sports Vanguard Co., Ltd. Sep 2007 Outside Director, I Capital Investment Advisors Co., Ltd. (now MCP Investment Advisory Co., Ltd.) Jun 2008 Joined Mercuria Investment Co., Ltd. Mar 2010 Director, Mercuria Investment Co., Ltd. (current) Jun 2011 Director, Unified Service Co., Ltd. (current) Aug 2011 Director, MIBJ Consulting (Beijing) Co., Ltd. Sep 2011 Director, ADC International Limited (current) Apr 2013 Director, Spring Asset Management Limited Oct 2013 Director, Admiral Capital Co., Ltd. (current) Dec 2014 Person Responsible for Execution of Duties, General Incorporated Association Izumi Mar 2018 Director, Flight Plan Aviation Capital 2017-1 Limited Jan 2019 Director, MIC International Limited Mar 2019 Director, Enex Asset Management Co., Ltd. (current) Jul 2021 Director, the Company (current) Jul 2021 Director, Mercuria Airborne Capital Co., Ltd. (current) Feb 2023 Director, Japan Extensive Infrastructure Co., Ltd. (current)
1963-09-16
Kiyoto KOYAMA
Director
Apr 1990 Joined Japan Development Bank (now Development Bank of Japan Inc.) Sep 2008 Director, Mercuria Investment Co., Ltd. (current) Jun 2014 General Manager, Corporate Investment Department, Development Bank of Japan Inc. May 2016 Director, Thinks Co., Ltd. May 2016 Director, Thinks Techno Co., Ltd. Jul 2016 Transferred to Mercuria Investment Co., Ltd. Nov 2016 Director, Business Market Co., Ltd. (current) Dec 2018 Director, FL EN Company Limited (current) Dec 2019 Director, Asahi Tōatsu Casting (Shanghai) Co., Ltd. (now Asahi Automotive Technology (Shanghai) Co., Ltd.) (current) Dec 2019 Director, Mizutani Precision Parts Manufacturing (Shanghai) Co., Ltd. Dec 2019 Director, Shanghai Mizutani Precision Mold Manufacturing Co., Ltd. Dec 2019 Director, Asahi Automotive Parts Manufacturing (Nantong) Co., Ltd. (current) Feb 2020 Director, Mizutani Sangyo Co., Ltd. (current) Aug 2020 Director, CF Focus Limited (current) Aug 2020 Director, VGI General Partner Co., Ltd. (current) Jul 2021 Director, the Company (current)
1966-02-19
Takaki SHIMADA
Director
Apr 2009 Joined Development Bank of Japan Inc. Mar 2024 Director, the Company (current) Jun 2024 Manager, Corporate Investment Department No. 2, Development Bank of Japan Inc. (current)
1985-09-22
Hiroaki TSUJI
Director
Apr 1997 Joined Itochu Corporation Apr 2001 Seconded to E-Guarantee Co., Ltd. Apr 2008 Construction Department No. 1, Itochu Corporation Apr 2011 Seconded to Kenedix, Inc. Apr 2013 Construction Department No. 3, Itochu Corporation Apr 2015 Construction Department No. 1, Itochu Corporation Sep 2017 Seconded to UNY Co., Ltd. Apr 2019 Construction Department No. 2, Itochu Corporation, Construction Section No. 4 Manager Apr 2023 Seconded to Itochu Urban Development Co., Ltd. Apr 2024 Planning and Coordination Section Manager, Construction and Real Estate Division, Itochu Corporation (current) Mar 2026 Director, the Company
1974-10-26
Rikako ONISHI
Director
Apr 1997 Joined Nippon Long-Term Credit Bank (now SBI Shinsei Bank, Limited) Oct 2002 Representative Director, Kotora Inc. (current) Mar 2017 Director, Bellpark Co., Ltd. (current) Jun 2019 Director, Towa Bank, Ltd. Dec 2021 Director, Keystone Partners Co., Ltd. Apr 2022 Director, Material Group Co., Ltd. Mar 2023 Director, the Company (current)
1974-06-16
Masatoshi ITO
Director (Full-time Audit and Supervisory Committee Member)
Apr 1990 Joined Japan Development Bank (now Development Bank of Japan Inc.) Jun 2016 Manager, Solutions Planning Office, Industry Research Department, Development Bank of Japan Inc. Jul 2017 Seconded to Mercuria Investment Co., Ltd., CEO Office May 2019 Head of Internal Audit Department, Mercuria Investment Co., Ltd. Jul 2021 Head of Internal Audit Department, the Company Jan 2023 Transferred to Mercuria Investment Co., Ltd. Mar 2025 Audit & Supervisory Board Member, Mercuria Investment Co., Ltd. (current) Mar 2025 Director (Full-time Audit and Supervisory Committee Member), the Company (current)
1967-12-03
Teruyoshi OKAHASHI
Director (Audit and Supervisory Committee Member)
Apr 1972 Joined Mitsui & Co., Ltd. Apr 2006 Executive Officer, Mitsui & Co., Ltd. Apr 2006 Deputy General Manager, Kansai Branch, Mitsui & Co., Ltd. Apr 2009 President, Mitsui & Co. Canada Inc. May 2011 Advisor, Seiko Holdings Corporation (now Seiko Group Corporation) Mar 2012 Director, Infomart Corporation Jun 2014 Director, Sankyu Inc. Mar 2016 Director, Mercuria Investment Co., Ltd. Jul 2021 Director, the Company Mar 2025 Director (Audit and Supervisory Committee Member), the Company (current)
1949-11-25
Toshio SASAKI
Director (Audit and Supervisory Committee Member)
Apr 1974 Joined Dai-Ichi Kangyo Bank (now Mizuho Bank, Ltd.) Apr 2004 Managing Executive Officer, Mizuho Bank, Ltd. Mar 2005 Senior Managing Director, Mizuho Capital Co., Ltd. Jun 2006 Representative Director and Vice President, Chuo Fudosan Co., Ltd. Jul 2007 Senior Executive Officer, Isuzu Motors Limited Jun 2010 Director and Managing Executive Officer, Isuzu Motors Limited Feb 2011 Director and Senior Managing Executive Officer, Isuzu Motors Limited Apr 2014 Representative Director and Chairman, Isuzu Motors Kinki Co., Ltd. Apr 2016 Representative Director and Chairman, Isuzu System Service Co., Ltd. Apr 2017 Advisor, Isuzu System Service Co., Ltd. Mar 2018 Director, Mercuria Investment Co., Ltd. Apr 2018 Advisor, Chuo Fudosan Co., Ltd. Jul 2021 Director, the Company Mar 2025 Director (Audit and Supervisory Committee Member), the Company (current)
1952-03-03
Kenichi MASUDA
Director (Audit and Supervisory Committee Member)
Apr 1988 Completed Legal Training and Research Institute of the Supreme Court; registered with Second Tokyo Bar Association Apr 1988 Joined Anderson Mori & Rabinowitz (now Anderson Mori & Tomotsune, Gaikokuho Kyodo Jigyo) Sep 1993 Registered as attorney-at-law, New York State Bar Jan 1997 Partner, Anderson Mori & Tomotsune (now Anderson Mori & Tomotsune, Gaikokuho Kyodo Jigyo) (current) Nov 2006 Audit & Supervisory Board Member, Asuka Corporate Advisory Co., Ltd. (current) May 2007 Audit & Supervisory Board Member, Lifenet Insurance Company Mar 2011 Audit & Supervisory Board Member, Bridgestone Corporation Mar 2016 Director, Bridgestone Corporation (current) May 2016 Audit & Supervisory Board Member, Mercuria Investment Co., Ltd. Mar 2020 Audit & Supervisory Board Member, Chugai Pharmaceutical Co., Ltd. (current) Jul 2021 Audit & Supervisory Board Member, the Company Mar 2025 Director (Audit and Supervisory Committee Member), the Company (current)
1963-01-11
Large Shareholding Reports
Nippon Growth Support Partners Co., Ltd.
2026-04-03
9.21%
Nippon Growth Support Partners Co., Ltd.
2026-04-03
9.21%→9.21%
Nippon Growth Support Partners Co., Ltd.
2026-03-31
9.21%→9.21%
Valex Partners Co., Ltd.
2026-03-16
9.22%→0.00%
SilverCape Investments Limited
2026-03-11
10.05%→11.20%
Valex Partners Co., Ltd.
2026-03-03
10.05%→9.22%
Nippon Growth Support Partners Co., Ltd.
2026-03-03
9.21%
Valex Partners Co., Ltd.
2025-09-01
13.22%→10.05%
SilverCape Investments Limited
2025-09-01
7.53%→10.05%
SilverCape Investments Limited
2025-08-21
6.14%→7.53%
VARECS Partners Limited
2025-05-15
14.32%→13.22%
SilverCape Investments Limited
2025-05-14
5.10%→6.14%
SilverCape Investments Limited
2025-05-02
5.10%
VARECS Partners Limited
2025-04-17
15.33%→14.32%
VARECS Partners Limited
2024-11-06
16.34%→15.33%
VARECS Partners Limited
2024-01-11
7.68%→16.34%
VARECS Partners Limited
2022-03-17
6.50%→7.68%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-13
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-08-13
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-05-14
Q1 Earnings Flash
FY ending Dec 2026
EDINETAmended
2026-04-03
Change Report
EDINETAmended
2026-04-03
Change Report
EDINET
2026-03-31
Large Shareholding Report
EDINET
2026-03-26
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-03-16
Large Shareholding Report
EDINET
2026-03-11
Large Shareholding Report
EDINET
2026-03-03
Large Shareholding Report
EDINET
2026-03-03
Large Shareholding Report
TDnet
2025-11-13
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-09-01
Large Shareholding Report
EDINET
2025-09-01
Large Shareholding Report
EDINET
2025-08-21
Large Shareholding Report
EDINET
2025-08-13
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-05-15
Large Shareholding Report
EDINET
2025-05-14
Large Shareholding Report
TDnet
2025-05-14
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-05-02
Large Shareholding Report
EDINET
2025-04-17
Large Shareholding Report
EDINET
2025-03-25
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-11-06
Large Shareholding Report
EDINET
2024-08-13
Semi-Annual Securities Report
Period: Jan 2024 – Jun 2024
EDINET
2024-05-14
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-25
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2024-01-11
Large Shareholding Report
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-12
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
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